SINGAPORE: CBOT wheat may break a resistance at $8.73-1/2 per bushel, and rise into $8.81-1/2 to $8.89-1/2 range.
The uptrend has extended, as confirmed by the surge on Sept. 9.
A projection analysis on the uptrend from $8.01-1/4 reveals a target zone of $8.81-1/2 to $8.89-1/2, while a similar way of calculation on the trend from $7.91-1/4 suggests a slightly higher target of $8.97.
Support is at $8.60-3/4, a break below which could be followed by a drop into $8.47-3/4 to $8.55-3/4 range.
On the daily chart, wheat approached a resistance at $8.73-1/4 again.
After the shallow correction to $8.23-3/4, bulls may have accumulated enough momentum to overcome this barrier and push the price towards a range of $9.04-1/4 to $9.54.
A retracement analysis on the fall from $12.82 reveals a similar target of $9.49.